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JSPL share price up 2% on becoming top bidder for Kasia Iron Ore Mine in Odisha

The share price rose more than 110 percent in the last 1-year.

September 23, 2021 / 11:07 AM IST
 
 
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Jindal Steel & Power (JSPL) share price added 2 percent intraday on September 23 after company has been declared as the preferred bidder for Kasia Iron Ore Mine by the Odisha Government.

".... has received the official communication from the Government of Odisha for the grant of mining lease of the Kasia Iron & dolomite mine situated in the state," company said in its press release.

The company has been declared as the preferred bidder for the mine at a premium of 118.10%.

The Kasia Mine has a large resource of 278 million tonnes of iron ore and it consists of an average Fe grade of approximately 62.5%.

The Mine has favourable lumps to the fine ratio of 20:80 and has an Environmental Clearance (EC) of 7.5 MTPA.

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The Kasia iron ore mine was earlier owned and operated by Essel Mining & Industries. JSPL can resume operations in a short period of time enhancing backward integration for the company in the current financial year itself.

This large & high-quality captive iron ore mine provides significant raw material security to JSPL.

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"Access to this large captive iron ore source, therefore, provides a massive strategic advantage to the company. The company already has plans to use a slurry pipeline from the Barbil region to Angul which will further reduce the logistics cost," said said Mr VR Sharma, Managing Director, JSPL.

"There would not be any significant CAPEX requirement, except for statutory payment, as the mine was already operational," he added.

At 09:22 hrs Jindal Steel & Power was quoting at Rs 371.55, up Rs 5.50, or 1.50 percent on the BSE.

The share touched a 52-week high of Rs 501.60 and a 52-week low of Rs 159.70 on 10 May, 2021 and 22 September, 2020, respectively.

Currently, it is trading 25.93 percent below its 52-week high and 132.65 percent above its 52-week low.

The share price rose more than 110 percent in the last 1-year.
Moneycontrol News
first published: Sep 23, 2021 11:07 am

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